Private investors almost stopped punting on AIM and small-cap shares as the eurozone crisis raged between September and December, making a dent in profits at the leading market maker in the sector, Winterflood, which is owned by Close Brothers.

Winterflood's contribution to Close's first-half profit fell from £25m to £8.4m, with average income per trade down from £11 to £6.

Group operating profits for the six months to end-January were flat at £63.2m.